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GE's 12,000 Job Cuts Highlight Uneasy Shift to Renewable Energy

  • Manufacturer ‘clearly misjudged’ power market, analyst says
  • Wind, solar gaining share over other electricity sources
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Bloomberg’s Rick Clough reports on General Electric Co.’s plans to cut 12,000 jobs.(Source: Bloomberg)
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After spending years building up its gas-power business, General Electric Co. is trying to figure out how to keep pace in a world that’s no longer all that interested in fossil fuels.

The plan to cut 12,000 jobs, or almost one-fifth of the power division’s global workforce, underscores GE’s bad bet on an old-school industry as natural gas loses favor and renewable energy gains. The company’s $10 billion deal to buy Alstom SA’s assets two years ago has compounded the pain.